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Many of these crowdfunding endeavours are very successful, others are not. However, despite the increasing investments in ICOs, there is still neither sufficient theoretical knowledge nor a comprehensive understanding of the different types of business models and the implications for these token-based ecosystems. Scientific research equally lacks a thorough understanding of the different business model forms and their influence on collaboration in token-based economies. We bridge this gap by presenting a taxonomy of real-world blockchain-based start-ups. For this taxonomy, we used 195 start-ups and performed a cluster-analysis in order to identify three different archetypes and thus gain a deeper understanding. Our taxonomy and the archetypes can equally be seen as strategic guidance for practitioners as well as a starting point for future research concerning the token-based business models.<\/jats:p>","DOI":"10.1007\/s12525-020-00396-6","type":"journal-article","created":{"date-parts":[[2020,1,28]],"date-time":"2020-01-28T06:04:39Z","timestamp":1580191479000},"page":"307-323","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":81,"title":["Understanding token-based ecosystems \u2013 a taxonomy of blockchain-based business models of start-ups"],"prefix":"10.1007","volume":"30","author":[{"given":"Stefan","family":"T\u00f6nnissen","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Jan Heinrich","family":"Beinke","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Frank","family":"Teuteberg","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"297","published-online":{"date-parts":[[2020,1,28]]},"reference":[{"issue":"1","key":"396_CR1","doi-asserted-by":"publisher","first-page":"39","DOI":"10.1177\/0149206316678451","volume":"43","author":"R Adner","year":"2017","unstructured":"Adner, R. 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